Law Offices of Todd M. Garber Announces Class Action Lawsuit Against OCZ Technology Group, Inc.
The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the “Class”) comprising all persons or entities who purchased the securities of OCZ Technology Group, Inc. (“OCZ” or the “Company”) (NASDAQ: OCZ) between July 10, 2012 and October 10, 2012, inclusive (the “Class Period”).
OCZ engages in the design, manufacture and distribution of high-performance solid-state storage solutions and premium computer components. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers made false and/or misleading statements and/or failed to disclose that: (1) the Company was providing extraordinary customer incentives in excess of what was normal and customary in the past; (2) the Company was improperly accounting for customer incentive programs; (3) as a result, the Company's financial results were misstated during the Class Period; (4) the Company lacked adequate internal and financial controls; (5) as a result, defendants' statements were materially false and misleading; and (6) as a result of the foregoing, defendants' positive statements about OCZ's business, operations and prospects lacked a reasonable basis.
On October 10, 2012 the Company announced that it was delaying the filing of its financial results for the second quarter of fiscal year 2013, which ended August 31, 2012. According to the Company, OCZ's second quarter revenue will be “materially lower” than its previous guidance of revenue in the range of $110 to $120 million, which was issued September 5, 2012, “principally due to the impact of customer incentive programs,” and that the Company also expects to report a “significant net loss” for second-quarter 2013.
If you are a member of the above-described Class, you may move the Court no later than December 10, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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The Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California